Insider Trading Claims Arise, as the NFT Space Starts to Consolidate
The Fashion Law
by TFL
2y ago
Instances of alleged “insider trading” are popping up in the web3 space, with individuals close to budding deals for non-fungible tokens (“NFTs”) reportedly racing to cash in ahead of information being made public. Last fall, for example, OpenSea confirmed that one of its employees used internal information to buy NFTs that were slated to be featured on the homepage of the NFT marketplace, a move that caused the prices of the NFTs to surge. In response and in addition to launching an internal review in September 2021, the marketplace implemented policies prohibiting its “team members” from “us ..read more
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Vestiaire Acquires Tradesy in Major Secondary Market Deal
The Fashion Law
by TFL
2y ago
French resale company Vestiaire Collective announced its acquisition of Tradesy, a U.S. pioneer in the fashion resale industry, on Tuesday. The terms of the deal were not disclosed, but the companies said in a statement that by joining forces, they will “significantly increase the size and reach of their peer-to-peer marketplaces, to the direct benefit of their sellers and buyers.” The combined company will boast “a membership community of 23 million, a catalog of 5 million items and a Gross Merchandise Value exceeding $1 billion,” according to Vestiaire and Tradesy, which assert that customer ..read more
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Luxury Reseller Privé Porter is Preparing to Enter into the Metaverse
The Fashion Law
by Julie Zerbo
2y ago
TFL EXCLUSIVE – The metaverse may have a striking new occupant if a handful of recently-filed trademark applications are any indication. A number of new filings with the U.S. Patent and Trademark Office seem to indicate that Privé Porter is quietly preparing to enter into the metaverse and might be bringing its collection of hard-to-get handbags and luxury watches with it in what could prove to be a controversial effort to meet deep-pocketed – and crypto-happy – luxury consumers where they are, and beat brands, other resellers, and even some of the biggest players in the auction world into the ..read more
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Following U.S., EU, UK to Levy Sanctions on Luxury Exports to Russia
The Fashion Law
by TFL
2y ago
The United Kingdom is following in the lead of the United States, the European Union and others in banning the export of luxury goods to Russia. By way of new sanctions – which not only prohibit the export of luxury goods to Russia but also impose a new 35 percent tariff on more than $1 billion worth of Russian imports, including metals, vodka, fertilizer, and other commodities – the UK aim to “further isolate the Russian economy from global trade, ensuring it does not benefit from the rules-based international system it does not respect,” finance minister Rishi Sunak said in a ..read more
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Prada Reports $3.69 Billion in 2021 Revenue, Citing Strong Full Price Sales
The Fashion Law
by TFL
2y ago
Prada released its full-year revenue for 2021, highlighting a “very strong second half of 2021 marked by an acceleration in retail sales with a sharp increase in profitability and a strong cash flow generation.” The Italian group reported revenue of 3.36 billion euros ($3.69 billion) for the year, up 41 percent from in 2020 and up 8 percent from 2019, and profit that rose to 294 million euros ($322.52 million) compared with a net loss of 54 million euros ($59.24 million) in 2020. The Prada and Miu Miu owner pointed to a rise in full-price sales and local spending for the second half ..read more
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SHEIN Lands on Receiving End of Counterfeiting Lawsuit from Stussy
The Fashion Law
by TFL
2y ago
Stussy is the latest brand to name Shein in a trademark infringement and counterfeiting lawsuit. According to the complaint that it filed in a federal court in California on Thursday, Stussy alleges that its trademarks – including (but not limited to) its stylized brand name – are “widely recognized and understood as standing for [its] excellent reputation and products” and that by using them without its authorization on apparel and footwear, Shein is “knowingly and intentionally” infringing those marks “for the purpose of causing confusion and diverting customers” away from Stussy for its own ..read more
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Yuga Labs Acquires CryptoPunks, Meebits in Major NFT M&A Deal
The Fashion Law
by TFL
2y ago
A major CryptoPunks-centric deal is expected to spur more acquisition action in the market for non-fungible tokens (“NFTs”). On Friday, Yuga Labs, the titan behind the Bored Ape Yacht Club (“BAYC”) and Mutant Ape Yacht Club (“MAYC”) NFTs, announced that it has “acquired the [intellectual property] of the CryptoPunks and Meebits NFT collections from Larva Labs,” another giant in the digital assets space, which means that Yuga now owns the underlying “brands, copyright in the art, and other [intellectual property] rights for both collections, along with 423 CryptoPunks and 17 ..read more
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EU Announces New Luxury Goods Sanctions, Confirms Existing Crypto Crack Down
The Fashion Law
by TFL
2y ago
Luxury goods from giants located in the European Union will no longer escape mounting sanctions that are being levied on Russia. In a statement on Friday, the European Commission revealed that as part of a fourth tranche of measures aimed at Russia, the export of luxury goods will be prohibited. “Tomorrow, we will take a fourth package of measures to further isolate Russia and drain the resources it uses to finance this barbaric war,” European Commission President Ursula von der Leyen said on Friday, adding that “those who sustain Putin’s war machine should no longer be able to enjoy thei ..read more
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As MSCHF Prepares to Launch Sneaker Brand, is its Newest Shoe Above-Board?
The Fashion Law
by TFL
2y ago
MSCHF is getting into the sneaker game … again. Almost a year after landing on the receiving end of a trademark infringement and dilution lawsuit filed by Nike thanks to its heavily-publicized Satan Shoes and swiftly settling the matter, MSCHF announced the impending release of its Tap3 (pronounced “tape”) sneakers on Thursday. The Brooklyn, New York-based company describes its newest offering as “a winking riff on the image of an Air Force 1, with overmolded TPU tape over all the standard brand elements.” In an apparent attempt to distinguish this new offering from Nike’s footwear (presu ..read more
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Digital Art and DAOs: A Year After the Beeple Sale, NFTs Are Mainstream
The Fashion Law
by Paul Dylan-Ennis
2y ago
One year ago, an artwork was sold for $69 million by the prestigious auction house Christie’s. This was no lost Matisse or rarely seen Van Gogh. Instead, it was a composite collection of digital art by the then relatively unknown artist Beeple. What makes the piece – Everydays: The First 5000 Days – truly remarkable, is that it was sold as a non-fungible token (“NFT”). In the year since that sale, NFTs have gone from a relatively obscure tech-world phenomenon to the mainstream. NFTs are digital tokens that exist on a secure record-keeping system called a blockchain. These t ..read more
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